Illinois divorce lawyersDivorce can be an expensive process, and there are many financial pitfalls that can further increase its cost. For the wealthy, things are about to get even riskier. Starting in 2019, the tax credits afforded to those paying alimony will be gone, and that can lead to some significant financial losses. The cost is so great, in fact, that many financial advisors are telling their clients to get divorced before the beginning of next year. Unfortunately, this may not be the best option for your case.

For the Love of Money – Rushing Your Case Could Have Severe Consequences

Money is one of the biggest and most frequent sources of contention in divorce – and for good reason. You may already have to scale back your life to accommodate the division of assets that typically occur in a divorce. What is more, you may be ordered to pay alimony to your former spouse. Should this happen, you may want to try and avoid the loss of the tax credit.

Unfortunately, if you rush things, you may make an even bigger mistake. Perhaps you may be so rushed that you fail to ensure your business is properly valued. As such, you may end up having to sell it, or you may lose more of your other marital assets. Alternatively, you may make decisions that are not in your best interest, such as selling the family home rather than using it as trade-out for a more valuable asset (i.e. projected business or investment profits, a portion of your retirement account, etc.). You may even make decisions to appease your ex-spouse’s requests, just to complete the divorce faster. Sadly, doing so could have irreversible, long-term consequences, such as:

  • Extreme financial loss;
  • Reduced decision-making power in your child’s life;
  • Business losses (including complete closure);
  • Losing the right to intellectual property;
  • Excessive and increased alimony payments;
  • Less time with your children; and
  • Being unable to retire as comfortably as you had planned.

None of this means that you cannot expedite your divorce; it simply shows that a rushed divorce may not be the right path. Instead, parties should consult with their lawyer to determine what course may provide the moneyed party with the best possible outcome.

Contact Our DuPage County Divorce Lawyers

At Stock, Carlson, Oldfield & McGrath, we work hard to protect the financial well-being of our clients. Learn more about how our seasoned DuPage County divorce lawyers can help to mitigate the potential financial losses Illinois divorce. Call 630-665-2500 and schedule your confidential, personalized consultation with our offices today.

Source:

http://fortune.com/2018/07/09/trump-tax-reform-alimony-deductible/?xid=gn_editorspicks

 

Posted in Divorce Finances | Tagged , , , , |

Illinois divorce attorneysIn an Illinois divorce, parties are supposed to equitably split their assets. Unfortunately, there are spouses who will go to extreme lengths to conceal marital assets so that they can obtain more than their fair share. This act, known as asset hiding, often begins long before the start of a divorce, which can make it all the more difficult for one to track down hidden money. Thankfully, disadvantaged spouses do have some resources at their disposal. Learn more about them in the following sections, and discover how a seasoned divorce attorney may be able to help you determine whether asset hiding may have been an issue in your marriage.

Women Uncovers Multiple Properties in Divorce Proceedings

For decades, an Australian woman lived on a strict budget. Her husband, who worked and handled all the finances, had told her that they did not have enough money to meet their basic living expenses, so she scrimped and saved as much as she could while raising their children. When she finally decided to leave him, she went to an attorney to try and determine how much her settlement might be. That is when her attorney discovered that he owned a total of 15 properties. The woman, shocked but also relieved, sought her fair share of the assets. Her lawyer managed to get her a settlement that amounted to half of all the marital assets. While it is unfortunate that she did not discover the assets sooner, the outcome of her case was positive because, for the first time in her life, she could live comfortably.

Uncovering Assets in Your Illinois Divorce

While you are not required to hire an attorney for your divorce, the case of the Australian woman shows just how much one can benefit you in a case with hidden assets. She did not have to track the money down on her own, and she had an advocate to protect her interests during the entire process. You, too, can increase your chances of a fair settlement by ensuring you have a seasoned divorce lawyer on your side. Just be sure that you choose one that is experienced in handling hidden asset cases, as these are specialized situations that typically require a skilled team of legal and financial professionals.

Contact Our Wheaton Divorce Lawyers

Backed by more than 40 years of experience, the seasoned legal team at Stock, Carlson, Oldfield & McGrath, LLC can protect for your best interests in a hidden asset case. We work closely with other professionals to help ensure you obtain the settlement that you deserve, and we aggressively pursue the most favorable outcome possible. Schedule your personalized consultation with our DuPage County divorce lawyers today. Call 630-665-2500.

Source:

https://www.news.com.au/finance/money/wealth/shocked-woman-finds-out-she-owns-15-properties/news-story/9f1611f88a57c7f54b0928c397960dbe

 

Posted in DIvision of Property | Tagged , , , , |

Illinois adoption lawyersAdoption, though generally a positive experience, can be an emotionally trying process. In fact, few families are truly prepared for the toll of adoption. For this reason, it is critical that friends and family members know how to effectively support the prospective adopting parents in their lives. The following information offers tips and strategies, and it explains how the assistance of a seasoned attorney can help to ease the process and improve the outcome of an Illinois adoption case.

Lend a Hand When You Can

Like most parents, those who are planning to adopt often fear that asking for help will reflect negatively on them. Those who have been there know better – every parent needs help sometimes, especially in the beginning. So, rather than wait for an invitation to show up, simply lend a hand when and where you can. Drop by with a casserole, show up with cleaning supplies in hand, or simply be there for them if an adoption falls through. You never know when your emotional support will be the one thing that gets them through.

Write a Reference Letter

References (or background letters from friends, family, and members of the community) are one of the major elements in an adoption case. Sadly, prospective adopting parents often struggle with knowing where to turn for such letters. Perhaps they fear that others do not see them as potential parents, or they may feel as though they are burdening others by asking. Either way, you can save them some stress and worry by simply providing them with a reference letter. Keep in mind that they may not use it – especially if they have others that offer a better “picture” of the type of parents they hope to be – but the fact that you have offered, without them asking, may help them feel more confident on their journey to parenthood.

Resist the Urge to Offer Unsolicited Advice 

While seasoned parents may think they are helping prospective adopting parents by offering unsolicited advice, this is rarely the case. In fact, most adopting parents have done their research, and are often pretty aware of the parenting methods and strategies they want to try, and even those that are still deciding have a pretty clear understanding of the various options. Of course, if they ask for your opinion or thoughts, share and be honest about your opinions! Otherwise, try to recognize that unsolicited advice may contribute to their overwhelm and resist the urge to give it.

Offer Financial Relief If You Can

Having a child is an expensive undertaking, regardless of how you go about it. However, biological parents often have months (sometimes even longer) to prepare. They also have insurance to cover at least some of their costs, but this is rarely ever the case with adoption. Instead, the prospective parents may be responsible for everything from adoption fees and court costs to the birthing costs of the biological mother. If you can, offer them financial relief. If not, encourage them to seek the aid of an attorney. It may seem like an added expense at first, but when one considers the time and energy that can be saved, the value becomes more clear.

With more than 40 years of legal experience, Stock, Carlson, Oldfield & McGrath, LLC is the firm to call. Committed to providing growing families with advocacy and support, our DuPage County adoption lawyers can help prospective parents navigate the adoption process with less stress. No matter what the circumstances, we pursue the most favorable outcome possible. Call 630-665-2500 and schedule a personalized consultation today.

Source:

https://www.today.com/parents/charlize-theron-opens-about-emotional-toll-adoption-process-t126984

Posted in Adoption | Tagged , , , , |